Publications

For content on fallback contract language for new contracts that reference USD LIBOR, see the Fallback Contract Language tab.


July 11, 2019
ARRC's Consumer Products Working Group developed this white paper detailing how an average of the Secured Overnight Financing Rate (SOFR) can be used in newly issued adjustable-rate mortgages (ARMs) in a structure that is comparable to today's existing ARM loans. A one-page summary of the white paper can be found here.
July 10, 2019
ARRC released guiding principles for the development of fallback contract language for consumer products and defined the scope of work for its Consumer Products Working Group. While the Consumer Products Working Group is relying on many of the lessons learned by the ARRC's other working groups that developed recommended fallback language this year for market participants' voluntary use in a range of cash products, this Group's work also faces a unique set of circumstances that require additional consideration given that stakeholders include retail consumers.
June 24, 2019
This report details preliminary considerations for the use of risk-free rates (RFRs) in interdealer cross-currency swaps.
June 6, 2019
Following the ARRC's letter to the U.S. Treasury requesting guidance on tax issues that arise as a result of the market transition from LIBOR and other Interbank Offered Rates, the ARRC submitted these documents to the U.S. Treasury with proposals to further address some of the tax concerns highlighted in the letter.
June 6, 2019
This document complements the ARRC's Paced Transition Plan by outlining key priorities and milestones in 2019 to support and prepare market participants for the transition.
May 16, 2019
ARRC released a follow-up to its July 2018 letter to U.S. regulators regarding regulatory issues associated with the transition of derivatives contracts from interbank offered rates to alternative risk-free benchmarks. The follow-up letter responds to regulators’ requests by describing different models market participants may use to effect the transition, and also requests that new derivatives linked to SOFR and other alternative rates that are not subject to mandatory clearing be exempt from initial margin requirements for a limited amount of time in order to build liquidity in the market. Note that while the letter published here is addressed to the CFTC, identical letters were sent to all of the U.S. regulatory addressees with only the addressee and regulator name changed.
April 29, 2019
This document highlights progress made since the Federal Reserve Bank of New York, in collaboration with the Office of Financial Research, began daily publication of the SOFR in 2018.
April 22, 2019
ARRC released a white paper to help explain how market participants can use its recommended alternative to U.S. dollar LIBOR, the Secured Overnight Financing Rate (SOFR), in cash products. This paper builds on the ARRC’s work developing the Paced Transition Plan, which outlines the steps for an effective shift to SOFR.
April 11, 2019
ARRC released a letter requesting guidance on tax issues that arise as a result of the market transition from LIBOR and other Interbank Offered Rates to alternative risk-free rate benchmarks.
January 31, 2019
This set of frequently asked questions, which is updated from time to time to reflect developments, provides information about the work of ARRC, its progress to date and the overall effort to promote voluntary market adoption of its recommended alternative to USD LIBOR, the SOFR.

ARRC previously issued a press release when the frequently asked questions were initially published on September 20, 2018.
July 16, 2018
ARRC released a letter requesting inter-agency guidance regarding the treatment of derivatives contracts referencing alternative risk-free rate benchmarks and associated transitions from interbank offered rates under the Title VII of the Dodd-Frank Act and associated regulations.
March 5, 2018
This report summarizes the choice of the Secured Overnight Financing Rate (SOFR) as its recommended alternative to USD LIBOR and enhancing the ARRC's Paced Transition Plan seeking to promote the use of SOFR on a voluntary basis.
May 20, 2016
This report summarizes the ARRC's progress in narrowing the set of potential rates that might be chosen as an alternative to USD LIBOR and in considering potential plans for transition to the chosen rate.